Clients & Profits X prints standard financial
statements tailored especially for the advertising
industry. These financial reports are used for
auditing, tracking, and reporting your G/L accounts
balances. You can print trial balances, income
statements, balance sheets, and detailed general
ledger reports for any accounting period -- at
any time during the month.

Financial statements show account balances from the General Ledger and the
Chart of Accounts. These account balances are updated when entries are posted,
so the financial statements are always timely and accurate whenever theyre
printed.

The account totals on the financial statements are copied from the Chart of
Accounts. To see one accounts totals: Choose Setup > Chart of Accounts.
Click once on an account to select it, then choose Edit > Monthly Budgets.
The center column, actuals, is the total from posted entries. Entries added
in the General Ledger affect financial statements when theyre posted.
Unposted entries wont appear on financial reports. Be sure to post everything
before printing financial statements.

There
is no month-end procedure required to print financials. Since the
G/L account balances are updated whenever entries are posted, your
financial statements will always be up-to-date throughout the month.

The AGI Income Statement

The income statement shows
the agencys profit and loss. There are two kinds of income statements,
the standard form and the agency gross income form. Both forms show the same
accounts, but have different sub-totals. These sub-totals affect how the percentages
are calculated.

The standard income statement sub-totals income accounts, job cost accounts,
and expense accounts. Gross profit is calculated as billings minus job costs.
A gross profit percentage is calculated showing job costs as a fraction of
the total billings. An account can appear in the income or job cost section,
based on its classification (which is user-defined). Expenses are listed below
the gross profit. The expense percentage for each overhead account is calculated
as a percent of the billings, not gross profit. This calculation shows your
ratio of overhead to total billings.

The AGI
income statement combines your billing and
job cost accounts into the same section. The
gross profit is calculated as the billings minus
job costs (like media, typesetting, printing,
etc.). This amount is your agency gross income.
Expenses are listed below the AGI. The expense
percentage for each overhead account is calculated
as a percent of gross profit, not billings. This
calculation shows the ratio of overhead to gross
profit -- the agencys gross income.

Financial
reports can be printed to the screen for quick review, before the report is
committed to paper.

Financial
statements can be printed for previous periods -- even if the period
is locked -- by choosing the period from the pop-up menu.

Unless
a period is locked, anyone can post entries into prior periods. This
means your past financials might change after theyve been printed.
If someone adds costs or billings after youve printed the months
financials, be sure to reprint the reports over again.

Account
totals on financial statements can be audited by printing audit trails
and journals from the General Ledger.

Income Statements and Balance Sheets can be printed for selected profit centers.

If
your audit trails and journals dont equal the financial statements,
posting may have crashed during the month. Use the verify G/L account
balances utility to recover the correct totals.

The
date and time a financial statement was printed appears at the top
of each report. When youre printing financial reports repeatedly,
use this date to determine the most-recently printed report.

The Year-to-Date
Trial Balance report shows balances for each
accounting period for assets, liabilities,
equity, income, job costs, and expenses --
for the entire year. The report is split
into two sections: the first six months and
the last six months.

The Trial Balance
Worksheet shows each accounts current
and ending balance plus two blank columns,
so the printed report can be used as a worksheet
to calculate adjustment and adjusted balance
amounts.

The Detailed
General Ledger report shows the periods
journal entries for each account. Each account
includes its beginning and ending balances
for quick reference. For easy auditing, journal
entries can be printed for selected accounts.

The Income
Statement shows income, job cost, and expense
accounts as well as net profit/loss for the
shop. The standard format shows gross profit
as billings less job costs. It also shows
expense ratios as part of total billings.
The AGI format shows expense ratios as part
of gross profit, not total billings.

The Budget
vs. Actual report compares each G/L accounts
budget with its current balance. Budgets
are entered for each account in the Chart
of Accounts. Youll have the option
to compare month-to-date and year-to-date
totals, including percentage variances.